News
4th August 2008
Positive changes to credit union legislation
The Economic Secretary to the Treasury, Kitty Usher, has just confirmed a range of changes to the rules governing credit unions that will allow us to offer a much broader range of services to our members. These include:

• Making 'common bond' legislation more flexible - that means that even if you don't live or work in East Sussex you could still join our credit union in some circumstances
  
• Enabling groups and not just individuals to become members - if your community organisation is looking for somewhere to bank that means you could choose the credit union
  
• Allowing credit unions to pay interest on accounts as well as a profit sharing dividend - so we can offer more certainty about the return you could get on your investment with us
  
• Removing the age limit, so that our junior members can also become full members of the co-operative

"These changes will make a real difference to the credit union", commented General Manager, Adrian Davies "We will be able to offer accounts that pay interest to people living outside of East Sussex, including many Housing Association tenants who do not currently qualify for membership."

The legislative changes are expected to be in place by July 2009

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